Why Use the CSS PROFILE?

Transcription

1 Why Use the CSS PROFILE?

2 Agenda

3 Principles of Need Analysis

4 A Tale of Two Families: FAFSA data for Family 1 and 2 Student cash/investments $ 1,000 Student AGI $300 Parent AGI $25,000 Dad s income from Work $ 5,000 Mom s income from Work $20,000 Non-taxed Income $ 2,700 Parents Cash and Savings $ 1,000

5 Family 1 Additional PROFILE Information Non-taxed income: Disability $ 1,200 EIC $ 1,500 Rent payment: $ 800 Prior year income: $45,000 Special Circumstances: Father is on disability doing odd jobs Retirement resources: None for dad; $15,000 IRA for mom Occupations: Dad: disabled construction worker, date of disability June 2010 Mom: school aide

6 Family 2 Additional PROFILE Information Non-taxed income: tax exempt interest $ 2,700 Parent investment in sibling s name $150,000 Business Net Worth $200,000 Home value: $900,000 Home Debt $600,000 Mortgage payment $ 3,600 Prior year income $250,000 Special Circumstances: Dad took an early retirement package and has begun his own consulting business out of his home Retirement Resources: Pension for mom; IRA total value $600,000 for dad Occupations: Dad - self employed consultant; mom - attorney

7 A tale of two families- the results! Contribution from Family 1 FM= $645 IM= $250 Fee waiver eligible = YES Contribution from Family 2 FM= $645 IM= $24,071 Fee waiver eligible = NO

8 Types of Taxable Income (and losses)

9 Types of Untaxed Income

10 What is the CSS/Financial Aid PROFILE? Online financial aid application; customized to the needs of the student and institution Provides a complete picture of the financial strength of the student and family Only service to include full calculations for both IM and estimated FM

11 PROFILE Collects more detailed information than FAFSA tells the rest of the story Provides detailed analysis of family income and assets using information not available on the FAFSA Supports more equitable awarding of institutional funds using Institutional Methodology Can be completed by both domestic and international applicants

12 Use of PROFILE More than 500 schools and programs use PROFILE to award private institutional funds More than 350,000 students apply for aid annually using the PROFILE system Number of schools selecting or returning to Profile is increasing due to changes in FAFSA and FM

13 The PROFILE Process The PROFILE process supports a customized application Students complete brief registration section that allows College Board to personalize PROFILE Irrelevant questions are eliminated; the number of questions asked ranges from 90 to 130 Based on family financial circumstances Based on requirements of colleges to which student is applying Supports use of Noncustodial PROFILE Schools can add unique questions to PROFILE, eliminating need for institutional application

14 PROFILE Allows Process to Begin Sooner October 1 availability helps institutions reach students earlier in their senior year Early Decision/Early Action applicants Athletes and other early reads Results may be received within 3 weeks of submission

15 PROFILE Institutional Reports Detailed Institutional Methodology (IM) need analysis Federal Methodology (FM) estimate Application data Special notation of lowest income filers and student s eligibility for a fee waiver Electronic Data Delivery Online Image of student and parent responses

16 Web Access to Data and Images Images of non-keyed data available on the web Family member listing Includes ages, relationship, and college enrollment for all members of the household Family s special circumstances Business and Farm income and asset data Noncustodial parent data

17 PROFILE for International Students PROFILE s Institutional Methodology calculates a family s ability to pay for educational expenses within the context of their country s economic circumstances and relative to their financial strength.

18 Fee Waivers and Payment Codes Fee Waivers automatically granted based on family financial information 9.8% of all 2011/12 first-time filers qualified for a fee waiver Payment Codes purchased by school for use at their discretion.

19 Why PROFILE..School Perspective

20 School Perspective

21 Why IM?

22 Why IM.

23 Why IM.

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